NYSE: APTV - Aptiv

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 10.28
CAGR EPS = 21.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 72.75 + (72.75 * 21.71% / 100) = 88.54

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1.2
Ebitda Yield = -0.0505
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.285
Debt = 6.33
Market Cap = 27.12
Weight Debt = Market Cap / (Market Cap + Debt) = 27.12 / (27.12 + 6.33) = 0.8109
Weight Cost Debt = 100% - 0.8109 = 0.1891
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 3
β = -0.1591
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.1591 * 5.94 + 0 = 0.0205
WACC = (0.285 / 6.33) * (100% - 0.8109) * (1 - 0.21) + 0.0205 + 0.8109 = 3.55
Terminal Value = Discount (1.2 * (1 + -0.0505) / (3.55 - -0.0505)) = 11.16
Company Value = ∑ (1.2 / (1 + 3.55) ^ 5) = 6.06
Price = (Terminal Value + Company Value) / Count shares = (11.16 + 6.06) / 282880000 = 60.86

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 1.13
FCF Yield = 0.0261
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.285
Debt = 6.33
Market Cap = 27.12
Weight Debt = Market Cap / (Market Cap + Debt) = 27.12 / (27.12 + 6.33) = 0.8109
Weight Cost Debt = 100% - 0.8109 = 0.1891
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 3
β = -0.1591
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.1591 * 5.94 + 0 = 0.0205
WACC = (0.285 / 6.33) * (100% - 0.8109) * (1 - 0.21) + 0.0205 + 0.8109 = 3.55
Terminal Value = Discount (1.13 * (1 + 0.0261) / (3.55 - 0.0261)) = 103.96
Company Value = ∑ (1.13 / (1 + 3.55) ^ 5) = 4.82
Price = (Terminal Value + Company Value) / Count shares = (103.96 + 4.82) / 282880000 = 384.54